SHANGHAI XNG (03666) announced that on February 16, 2026, the company entered into a placement agreement with a placing agent. The company has conditionally agreed to place up to 442.6 million placement shares to no fewer than six placees at a price of HK$0.028 per share on a best efforts basis through the placing agent. Assuming no change in the number of issued shares from the date of this announcement to the completion date, the maximum of 442.6 million placement shares represents approximately 16.7% of the company's existing issued share capital as of the announcement date, and approximately 14.3% of the company's issued share capital as enlarged by the allotment and issue of the placement shares. The placement price of HK$0.028 represents a premium of approximately 16.7% over the closing price of HK$0.024 per share as quoted on the Stock Exchange on the date of the placement agreement. Assuming all 442.6 million placement shares are successfully placed, the gross proceeds and net proceeds (after deducting placing commissions and other related expenses) are estimated to be approximately HK$12.4 million and HK$12.1 million, respectively. The company intends to use the net proceeds from the placement for the group's general working capital purposes.